The Reserve Bank of India (RBI) has allowed foreign direct investment in limited liability partnerships. The LLP Act 2008 allowed foreign nationals and foreign LLPs (Limited Liability Partnerships) to become a partner in LLP but as per the Foreign Exchange Management Act and regulations and rules, foreign investment in LLP was not allowed, therefore it was necessary to […]
In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source.It is compulsory to mention the TAN in all TDS returns and on other documents
In order to promote the transparency in awarding of petrol pump license and franchise by Oil Marketing Companies, a new dealer selection process has been formulated. Under the new process, the applicant is first checked against pre-established eligibility criteria. All applicants conforming to the eligibility criteria are selected for the next round, wherein lots are
Not open to the public, the interior of an online dark store may appear like those that are found in a conventional market set out with aisles of shelves that contain groceries and other items for sale. However, they are not located in shopping malls or High Streets but in gritty and grim areas where good road
Contingency planning is a management tool that involves all parts of an organization. It can help ensure timely and effective humanitarian aid to those who need it most. Making a contingency plan involves making various decisions as an organization before an emergency happens. These decisions range from how to manage human and financial resources, how to best coordinate internally and with
Surety’s liability The liability of the surety is co- extensive with that of the principal debtor, unless it is otherwise provided by the contract.IllustrationA guarantees to B the payment of a bill of exchange by C, the acceptor. The bill is dishonoured by C. A is liable, not onlyfor the amount of the bill, but
Consideration for guarantee Anything done, or any promise made, for the benefit of the principal debtor, may be a sufficient consideration to the surety for giving the guarantee.Illustrations(a) B requests A to sell and deliver to him goods on credit. A agrees to do so, provided C will guarantee the payment of theprice of the
“Contract of guarantee”, “surety”, “principal debtor” and “creditor” A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of hisdefault. The person who gives the guarantee is called the “surety”; the person in respect of whose defaultthe guarantee is given is called the “principal
Rights of indemnity-holder when sued The promise in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor—(1) all damages which he may be compelled to pay in any suit in respect of any matter to whichthe promise to indemnify applies;(2) all costs which he may be
“Contract of indemnity” defined A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity”.IllustrationA contracts to indemnify B against the consequences of any proceedings which C may take
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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